Correlation Between Armada Hflr and Plug Power
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By analyzing existing cross correlation between Armada Hflr Pr and Plug Power, you can compare the effects of market volatilities on Armada Hflr and Plug Power and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Armada Hflr with a short position of Plug Power. Check out your portfolio center. Please also check ongoing floating volatility patterns of Armada Hflr and Plug Power.
Diversification Opportunities for Armada Hflr and Plug Power
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Armada and Plug is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Armada Hflr Pr and Plug Power in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Plug Power and Armada Hflr is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Armada Hflr Pr are associated (or correlated) with Plug Power. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Plug Power has no effect on the direction of Armada Hflr i.e., Armada Hflr and Plug Power go up and down completely randomly.
Pair Corralation between Armada Hflr and Plug Power
Considering the 90-day investment horizon Armada Hflr Pr is expected to under-perform the Plug Power. But the stock apears to be less risky and, when comparing its historical volatility, Armada Hflr Pr is 3.87 times less risky than Plug Power. The stock trades about -0.02 of its potential returns per unit of risk. The Plug Power is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 304.00 in Plug Power on September 24, 2024 and sell it today you would lose (60.00) from holding Plug Power or give up 19.74% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 97.35% |
| Values | Daily Returns |
Armada Hflr Pr vs. Plug Power
Performance |
| Timeline |
| Armada Hflr Pr |
| Plug Power |
Armada Hflr and Plug Power Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Armada Hflr and Plug Power
The main advantage of trading using opposite Armada Hflr and Plug Power positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Armada Hflr position performs unexpectedly, Plug Power can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Plug Power will offset losses from the drop in Plug Power's long position.| Armada Hflr vs. Modiv Inc | Armada Hflr vs. Precinct Properties New | Armada Hflr vs. Global Net Lease | Armada Hflr vs. NexPoint Diversified Real |
| Plug Power vs. Delta Electronics Public | Plug Power vs. YASKAWA ELEC UNSP | Plug Power vs. VERTIV HOLCL A | Plug Power vs. OSRAM LICHT N |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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